Companies offering facial and esthetic services are on the rise with service-based retail experiences and subscription offerings.
It makes sense, considering data shows the global facial treatment market reached the billion-dollar mark in 2024 and is projected to double by 2032, growing at a 5.8% compound annual growth rate.
“Wellness services that support retail spaces have evolved in so many ways in recent years thanks to consumers demanding it,” said Nicole Leinbach Hoffman, a retail expert and founder of B2B tradeshow Stimulate. “Individuals want to look good and feel good, and this is a big reason service- based retail is on the rise.”
Formula Fig is one company capitalizing on this growth, focusing on immersive in-person experiences and brand partnerships that position it as a community hub for customers.
Founded in 2019, the company is experiencing 40% year-over-year sales growth and has expanded to seven locations in Canada and the US, with more on the horizon.
Led by co-founders JJ Walsh and Anita Chan, Formula Fig’s business model centers on its brick-and-mortar spaces called “Fig Bars,” which blend the service and retail experience.
These spaces were designed to be event-friendly, so customers can experience facial treatments and engage with brands and products in a more immersive, hands-on way.
To accomplish this, Formula Fig made strategic design choices within stores to better facilitate this goal—such as replacing the traditional service reception desk with a central island where events like skincare masterclasses, product education sessions, and pop-up collaborations are held.
“These spaces are about sparking curiosity and building community,” Walsh said. “We host several events per month, and they’re opportunities for people to connect with us, each other, and the brands we partner with.”
Formula Fig’s events include collaborations with established brands and newcomers to the skincare space, blending education and experimentation to allow participants to learn about and try out the products included in Formula Fig’s six hero facial services.
Skincare brand Vintner’s Daughter, for example, partnered with Formula Fig to celebrate the launch of a new cleanser with an event wherein guests met with the brand’s founder and got a walkthrough of a three-step skincare routine that included the new product.
“Having Vinter’s Daughter founder April Gargiulo speak about her products in such an intimate setting helped to humanize the brand. It wasn’t just a launch event—it was a chance for our customers to connect directly with the person behind the product,” Walsh said.
Along with brand collaborations, Formula Fig’s growth has been fueled by community-driven storytelling via influencer partnerships and user-generated content as well as a meticulous, data-driven strategy.
Customer feedback, local trends, and operational data play a crucial role in shaping the company’s decisions.
“We don’t make choices based on intuition alone; we look at everything from foot traffic and neighborhood demographics to customer satisfaction scores and ingredient trends from social listening,” Walsh said.
These ongoing efforts will continue to play a major role in Formula Fig’s marketing strategy looking forward, reinforcing a commitment to experiential retail efforts along with an ongoing decision to stay away from paid advertising.
An upcoming product line launch in the second half of 2025 will allow the brand to expand beyond its physical locations, offering customers nationwide access to their signature products and experiences.
To date, Formula Fig has logged over 400,000 customer treatments, and 30% of its service revenue comes from memberships, which help foster a long-term connection between brand and buyer.
Walsh is excited for what the year ahead holds for Formula Fig, and said she and her team will be focusing on “creating memorable, energy-filled moments through experiential pop-ups, brand fan-hosted themed gatherings in our Fig Bars, and moving into partnerships with fashion brands that resonate.”
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